[...]... in the same manner (the buy-side and sell-side agents split the commission 50/50) and operate as fiduciaries or ‘‘trusted advisers’’ in the transaction Tell me more The good news for you, the buyer, is that most Realtors turn to the seller for payment at the closing table The transaction coordinator (see Question 56) usually does too, unless it’s the buyer who enlisted her services and therefore is the. .. 10 11 Common Questions About the Homebuying Process which are required in some states) and books like this to help you navigate the process 4 What’s the market like for first-time home buyers? The answer to that question depends on a few different factors, like your geographic location, whether your region is experiencing a ‘‘seller’s’’ or ‘‘buyer’s’’ market right now, and what the average home sales... were once at the mercy of their real estate providers and lenders, who held information close to the vest, they now have a plethora of information sources at their avail With this book in your homebuying arsenal, you’ll be even better equipped to deal with the challenges as they arise I’ve selected more than 170 different questions that can come up during the homebuying process and divided them into ten... 2003 Profile of Home Buyers and Sellers, the NAR found that 65 percent of home buyers used the Internet to start their home search, up from 2 percent in 1995 With the advent of virtual tours (where you can view an entire home, room by room, online), digital photography (still photos of the home) , and search tools like the online MLS services that many brokerages offer on their Web sites, the Internet... condos, town homes, co-ops, and other types of detached housing, with one advantage: Because the units are usually close together and sometimes joined by a common area—you can more easily talk to a few current owners When doing so, don’t be afraid to ask how satisfied they are with their own home choice Tell them that you’re thinking about buying a home in the development and ask them some or all of the following... buy a home (in fact, many relocating professionals never rent and simply buy and sell as they make their way around the country to different positions), but it does give you something to think about before making your decision For some folks, renting is going to be the right choice For others, the positives of owning their own ‘ home sweet home ’ will far outweigh the negatives 2 How difficult are the. .. spotting predatory lenders, and the value of obtaining a professional home inspection The last section of the book will help you close the deal without falling prey to the unscrupulous practices of some companies in the industry Read about your legal rights as a home buyer in Chapter 8, take a walk through the entire closing process in Chapter 9, and find out what your and the seller’s post-sale responsibilities... Common Questions About the Homebuying Process ❑ Am I generally pleased with the condition of the home? ❑ If I had to move into the home as-is, would it be livable? ❑ If not, can I make some repairs and upgrades (such as painting, removing or replacing wallpaper and carpeting) myself? ❑ Do I need to hire someone to help bring the house up to speed, and if so, can I afford the extra expense? ❑ Is the neighborhood... any of these if they don’t come with the existing home? 7 How important are indoor amenities like fireplaces, vaulted ceilings, and crown moldings? 8 Am I willing to do fix-up work (either myself, or by hiring someone) in the home such as painting walls, to make it right for me? (If not, then a home in ‘‘move-in condition’’ is your goal.) 9 How important is the home s proximity to the following: other... people also buy homes because their lifestyles change and families grow, which means the need for larger yards, more bathrooms, or extra bedrooms Those who do go in search of homes often find a much better selection than their renting counterparts, since single-family homes, town homes, condominiums, and co-ops come in all shapes and sizes Other reasons for purchasing a home include the ability to build . What if there are termites in the home? 179 143. What if there is radon in the home? 179 144. What if there is mold in the home? 180 145. What if a home inspector finds other defects in the home? . to be the right choice. For others, the positives of owning their own ‘ home sweet home ’ will far outweigh the negatives. 2. How difficult are the financial aspects of purchasing a home? The factors. the middle of it, and write the words ‘‘pros’’ and ‘‘cons’’ as headers on each column. Then, take your time comparing the good and the bad aspects of your current living situa- tion against the